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New York

Latch nets $56 million, plus more top funding news for New York-based companies

New York-based smart home company Latch has secured $56 million in Series B funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced Aug. 1 and financed by Avenir Growth Capital.

According to its Crunchbase profile, "Latch makes access easier for everyone at a modern building. The company specializes in manufacturing keyless entry security systems giving property owners the ability to manage every door in a multi-family building. Moreover, residents can also give access to guests as well as service providers through time-limited access codes."

The five-year-old company has raised five previous funding rounds, including a $70 million Series B round in 2018.

The round brings total funding raised by New York companies in consumer electronics over the past month to $123 million, an increase of $50 million from the month before. The local consumer electronics industry has seen 66 funding rounds over the past year, yielding a total of $753 million in venture funding.

In other local funding news, database company Cockroach Labs announced a $55 million Series C funding round on Aug. 6, led by GV.

According to Crunchbase, "Cockroach Labs is the team behind CockroachDB, an open-source, distributed SQL database that is consistent, scalable and survivable — hence the name. It combines the rich functionality of SQL with the horizontal scalability common to NoSQL offerings and provides beyond enterprise-grade disaster recovery."

Founded in 2015, the company has raised three previous rounds, including a $27 million Series B round in 2017.

Meanwhile, ticketing company TickPick raised $40 million in private equity funding, announced on Aug. 6. The round was financed by PWP Growth Equity.

From the company's Crunchbase profile: "TickPick is an innovative new ticket marketplace that aims to take the struggle out of purchasing tickets to sports, concerts and other live events. They designed their site to eliminate the overwhelming number of overpriced tickets. Ticket results are listed and ranked based on a combination of price and quality, which allows people to select the best ticket for them at a glance."

TickPick last raised seed funding in 2012.

Also of note, web development and computer company CodeStream raised $5.5 million in seed funding, announced on Aug. 6 and led by PJC.

From Crunchbase: "CodeStream puts team chat directly into today’s most popular IDEs, making it easier for developers to talk about code and write software together. Built for coders by coders, its service helps software teams accelerate their development cycles and reduce technical debt through faster, easier communication."

The company previously raised seed funding in 2018.

Rounding out the city's recent top local funding events, computer company ULTRA Testing raised $3.5 million in Series A funding, announced on Aug. 6 and led by The Disability Opportunity Fund.

From Crunchbase: "Founded in 2012 by two MIT engineers, ULTRA Testing is a New York-based company that provides high-quality software testing services through onshore teams of exceptional testers. ULTRA’s competitive advantage comes from employing high-functioning individuals on the autism spectrum, who can have heightened abilities that are an exact match for software testing."

The company previously raised $1.5 million in angel funding in 2016.


This story was created automatically using local investment data, then reviewed by an editor. Click here for more about what we're doing. Got thoughts? Go here to share your feedback.